Credit Cards

[NataliaAnna]

Hello everyone,

Last week I applied for Chase Slate, with intention of transferring my balance from my two other cards (both in Chase ) I was approved in a minute. Yesterday (week later from application) I received my new card. Excited that I got K credit line and lowest interest they offer (11.99%). So I called to activate my card and check status of a transfer. To my surprise they were rejected, I was shocked! Then they told me that I can't do transfer in the same bank. I had no idea... I picket Chase just because I have account with them... So now week later from my application I am thinking about applying for another one, just to transfer my balance (thinking about Cit Diamond Preferred).

I would like to know how this will affect my credit score and what are my chances that I will get as good deal as form Chase? Could this application for Chase lower my credit that Cit may not offer me their lowest APR?

I would really appreciate any help on that matter.

BTW this a first time I am trying to do transfer - lesson taken - do not use your own bank for transfer...

Thank you!

Natalia

[jd5189]

I think that the Citi card looks like a good choice for the balance transfer. The 0% 18 months will give you some time to pay your balances down. Initially, you will take a small hit for the inquiry, and your AAoA will decrease. But, I think your financial outlook is the more positive way to look at is as it will help you pay down your current balances.

[DeadSpider]

You can't BT to same banks sooooo to cheat the system call Chase and ask them to send you BT check.

When you get the BT check deposit into your checking account to get cash as BT and pay off your old card.

This will work and it's legal as they will see it as BT check to yourself.

[NataliaAnna]

Thank you for your advise. I may do that.

I have one more question tho - Citi is charging 3% transfer fee - if I am transferring form one card, they will charge me one time fee of 3% from entire transferred amount, right? This is not monthly 3%?

Thank you!

Natalia 

[Epcot]

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NataliaAnna wrote:

Thank you for your advise. I may do that.

I have one more question tho - Citi is charging 3% transfer fee - if I am transferring form one card, they will charge me one time fee of 3% from entire transferred amount, right? This is not monthly 3%?

Thank you!

Natalia 

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Correct, that is a one time fee on the balance transfer amount.

[NataliaAnna]

Thank you!

[OnTheRebound]

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Epcot wrote:

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NataliaAnna wrote:

Thank you for your advise. I may do that.

I have one more question tho - Citi is charging 3% transfer fee - if I am transferring form one card, they will charge me one time fee of 3% from entire transferred amount, right? This is not monthly 3%?

Thank you!

Natalia 

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Correct, that is a one time fee on the balance transfer amount.

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That is correct. However, to avoid subsequent interest charges, and I am 99% certain, when you receive your first statement and before the due date, be sure to pay the minimum due plus the entire balance transfer fee. Otherwise, they will charge you the regular APR on any unpaid BTF until it is paid in full. Just something to think about.

[NataliaAnna]

thank you! I would not think about that!

[DeadSpider]

If your using Slate card there is no BT fee first 60 days.